China property curbs start to bite as prices ease in some cities
New-home prices in Beijing fell 3.7% in the first weeks of October from September
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Shanghai
CHINA'S overheated property market is showing tentative signs of cooling, with home prices in some of the hottest cities falling this month as authorities stepped up curbs to avert a potentially ruinous housing bubble.
New-home prices in Beijing fell 3.7 per cent in the first weeks of October from September and dropped 2.5 per cent in Shanghai, the National Bureau of Statistics said on Friday, adding the market "apparently cooled" in response to targeted measures rolled out in some cities. Still, average new-home prices in 70 cities tracked surged the most in more than seven years in September, climbing 1.8 per cent from August, according to Bloomberg calculations based on the data.
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